Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Joint Fiscal Office outlines proposed 4% "investment proceeds" surtax
Summary
At a Ways & Means Committee meeting, Joint Fiscal Office analyst Patrick Titterton presented draft legislation for a 4% Vermont "investment proceeds" surtax modeled on the federal NIIT but with an expanded tax base; JFO estimated about $60 million in annual revenue and the draft routes funds to the general fund, effective for tax year 2027 (FY2028).
Patrick Titterton of the Joint Fiscal Office told the Ways & Means Committee that proposed language would create a 4% Vermont surtax on net investment income, modeled on the federal net investment income tax but expanded in several ways.
Titterton said the surtax would follow the federal MAGI thresholds (single $200,000; married filing jointly $250,000; married filing separately half that) and apply the tax to the lesser of (a) net investment income or (b) the amount by which MAGI exceeds the threshold. "The tax rate's 4% instead of 3.8%," Titterton said, noting the state rate is slightly higher than the federal surtax. He added, "Our estimate for this is just shy of $60,000,000 on an annual basis" for fiscal year 2028, and that the current draft…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
